| Natural Gas Prices Hold above $2.60 per MMBtu for the Third Day | |
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Natural Gas Prices Slump Due to Massive Supply Concerns (Continued from Prior Part) Trading range
NYMEX-traded natural gas futures contracts for October delivery have held above their key support level of $2.60 per MMBtu (British thermal units in millions) for the last three days. Prices have been fluctuating in a narrow range of $2.60 per MMBtu to $3.00 per MMBtu since June 2015. The consensus of increasing natural gas inventory is influencing natural gas prices.
Support and resistance
The demand from electric power plants and warm weather forecasts could drive natural gas prices. The nearest resistance for natural gas prices is at $3 per MMBtu. Prices tested this level in April 2015. On the other hand, the estimates of a rising natural gas stockpile could drag natural gas prices lower. The support for natural gas prices is at $2.60 per MMBtu. Prices hit this mark in June 2015.
Citigroup suggests that natural gas prices could average around $2.70 per MMBtu in 2015 and $3 per MMBtu in 2016. Natural gas price charts suggest that prices could fluctuate between $2.60 and $3.00 per MMBtu in the short term.
The roller coaster ride of natural gas prices affects upstream producers like Cabot (COG), Range Resources (RRC), and Gulfport Energy (GPOR). They account for 3.22% of the SPDR Oil and Gas ETF (XOP). These companies’ natural gas production mixes are more than 49% of their total production.
Energy ETFs like the United States Natural Gas Fund LP (UNG) and the VelocityShares 3X Long Natural Gas ETN (UGAZ) are also affected by volatile natural gas prices.
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Cabot Oil & Gas Corporation
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CODE : COG |
ISIN : US1270971039 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cabot Oil & Gas is a oil exploration company based in United states of america. Cabot Oil & Gas is listed in Germany and in United States of America. Its market capitalisation is US$ 10.2 billions as of today (€ 9.0 billions). Its stock quote reached its lowest recent point on March 26, 2004 at US$ 10.00, and its highest recent level on January 14, 2022 at US$ 22.20. Cabot Oil & Gas has 460 786 236 shares outstanding. |